Reports | IMG pulls out of ISL season 5
International Management Group (IMG), the global sports marketing and management firm has pulled out of Football Sports Development Limited (FSDL) which runs the Indian Super League (ISL). The fifth season of the tournament is set to kick off today with a match between ATK and Kerala Blasters.
The ISL is a joint venture between IMG, Reliance Industries owned by Mukesh Ambani and Star India with the global marketing firm effectively holding 10 percent stakes as their joint venture with Reliance held 20 percent stakes in the venture which was launched in October 2014.
Reliance has now taken over IMG’s stake in the company with Star India holding the remaining 35 percent stakes. The change has already reflected in the logo of the 2018-19 season.
“IMG is focused on delivering services globally and it didn’t want to own the league. So this year, they requested an exit. Reliance with its full commitment towards growing football in the country, agreed to step in and buy out the stake,” a top executive told The Economic Times.
While IMG has pulled out of FSDL, the global marketing firm still has a joint venture with Reliance through which they conduct Tata Maharashtra Open, Lakme Fashion Week and also handles cricketers Rohit Sharma, Jasprit Bumrah and Hardik Pandya.
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